Why didn't we hear about the deficit during the Bush administration?

[Cold Fusion38]

Well Mud did you EVER answer for the FACT that the REPUBLICAN PRESIDENTS have added the VAST majority of debt? And you can CRY and WHINE about the Congress passing the budgets but the PRESIDENT SIGNS IT! Even the Republican hero Regan REFUSED to sign a budget that included the "bridge to NOWHERE" but BUSH was more than happy to.

 

[Toro]

Link

The deficit was more like $500 billion. In only a few months Obama more than doubled it. What it is now who really knows. Nobody really knows because they keep fudging the numbers.

Obama admitted this week he helped pass the TARP bill. He admitted he signed the Stimulus Bill. That's two bills in only a few months totaling over$1.4 trillion. The health care bill would have started at $900 billion. Three singular bills in less then a year that together totaled the entire Bush budget. This does not include defense spending, Medicare, etc. In what dimension is this a decrease in spending?

The 2009 budget was Bush's last budget and had a trillion dollar deficit, explained here.

http://www.usmessageboard.com/curre...g-the-bush-administration-19.html#post1950346

 

[uscitizen]

But Those evil Dems in congress made Bush write that budget down.

 

[NYcarbineer]

The Iraq war is now on-budget; it wasn't during Bush.

 

[Intense]

The Iraq war is now on-budget; it wasn't during Bush.

The Left bitched every day during the Bush Administration. The War is on budget?

 

[Vast LWC]

The deficit was ALREADY 1.3 Trillion when Obama came into office, according to the CBO on January 6th.

And it's estimated to be back down to that level next year.

Which means there have been no additions at all onto the deficit from what was already being spent.

Now, it is true that he hasn't done any major CUTS to spending, but he hasn't ADDED anything to spending.

Link

The deficit was more like $500 billion. In only a few months Obama more than doubled it. What it is now who really knows. Nobody really knows because they keep fudging the numbers.

Obama admitted this week he helped pass the TARP bill. He admitted he signed the Stimulus Bill. That's two bills in only a few months totaling over$1.4 trillion. The health care bill would have started at $900 billion. Three singular bills in less then a year that together totaled the entire Bush budget. This does not include defense spending, Medicare, etc. In what dimension is this a decrease in spending?

As of January 7th 2009, 2 weeks before the Obama administration took office, The CBO estimated the deficit for 2009 to be 1.2 Trillion dollars.

(OK, maybe I rounded up to the nearest decimal instead of down...)

Ballooning Deficit Could Temper Support for Obama's Spending Plans - washingtonpost.com

Congress Urges Spending Restraint
Facing Largest Deficit Since 1945, Obama Names Official to Help Retool Budge
Thursday, January 8, 2009

The nation's budget deficit will soar to an unprecedented $1.2 trillion this year, congressional budget analysts said yesterday, a startling tide of red ink that could dampen enthusiasm on Capitol Hill for some of President-elect Barack Obama's most ambitious priorities.

In the first official estimate of the damage done to the nation's finances by a weakening economy and various financial-sector bailouts, the Congressional Budget Office (CBO) reported that the gap between government spending and available revenue will exceed 8 percent of the overall economy by the end of September, a chasm not seen since the end of World War II.

Which means that Obama hasn't increased the deficit AT ALL during his administration, aside from one time stimulus spending.

 

[Intense]

The Iraq war is now on-budget; it wasn't during Bush.

 

[Vast LWC]

The Iraq war is now on-budget; it wasn't during Bush.

I think I'm going to have to agree with Intense that the war costs are not part of the budget.

However, One can only assume that they are in fact smaller than similar budgets during the Bush administration, as military operations are on a smaller scale now than they were then.

 

[Intense]

WASHINGTON - President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.

The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011 although the president proposed to institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000.

Echoing the pledge in his State of the Union address to make job creation his top priority, Obama put forward a budget that included a $100 billion jobs measure that would provide tax breaks to encourage businesses to boost hiring as well as increased government spending on infrastructure and energy projects. He called for fast congressional action to speed relief to millions left unemployed in the worst recession since the 1930s.

Obama unveils budget with record deficit - White House- msnbc.com

 

[Vast LWC]

WASHINGTON - President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.

The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011 although the president proposed to institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000.

Echoing the pledge in his State of the Union address to make job creation his top priority, Obama put forward a budget that included a $100 billion jobs measure that would provide tax breaks to encourage businesses to boost hiring as well as increased government spending on infrastructure and energy projects. He called for fast congressional action to speed relief to millions left unemployed in the worst recession since the 1930s.

Obama unveils budget with record deficit - White House- msnbc.com

And that 1.56 Trillion includes one-time stimulus expenditures that are calculated to be spent this year, which will most probably cause in increase in GDP, causing an increase in tax revenue (as they did this year), which will decrease the deficit. This decrease is not figured into projections.

After removing the stimulus spending (though not adding the assumed decrease above), the projected deficit is around 1.2 to 1.3 Trillion dollars, or almost exactly the same as the deficit amount when he took office.

 

[Maple]

the deficit was never mentioned under the bush admin......

amazing

Hellooooooooooooooooooo, why do you think the REPUBLICANS LOST the house and the senate??????? It was BECAUSE of the INCREASING SPENDING AND DEFICIT, that's also why the DEMOCRATS are gonna lose even BIGGER in NOVEMBER 2010.

 

[Maple]

cause so many conservative/republicans are hypocrites, who only care about their ideology being right. and people wonder why there is so much crap in the world

The right ideology is RIGHT, or correct, the left is WRONG and erroneous.

 

[Maple]

WASHINGTON - President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.

The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011 although the president proposed to institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000.

Echoing the pledge in his State of the Union address to make job creation his top priority, Obama put forward a budget that included a $100 billion jobs measure that would provide tax breaks to encourage businesses to boost hiring as well as increased government spending on infrastructure and energy projects. He called for fast congressional action to speed relief to millions left unemployed in the worst recession since the 1930s.

Obama unveils budget with record deficit - White House- msnbc.com

The jobs bill that he is proposing 100 billion for tax credits for small business's to hire has been tried before during the Jimmy Carter years. It did not work then it won't work now. Small business was firing people one day and hiring the same people back the next day to get the tax credit.

If people have no money to spend they don't spend Our economy is consumer driven, when people, rich, middle class and poor don't spend they create NO DEMAND, when there is NO DEMAND for products or services that Business produces business will not hire new employess, there is no need to.

Across the board tax cuts have always worked, they are proven, yet this President and his administration believe that it is government spending that works,. it never has and they will have to find out the hard way with no new job creation in the private sector and an electorate that is eager to vote them out of office and into an unemployment line in November 2010.

 

[Intense]

cause so many conservative/republicans are hypocrites, who only care about their ideology being right. and people wonder why there is so much crap in the world

There is Nothing that trumps Conscience Dr. Gregg. Regardless of Political affiliation. Whether One acts on Strength or Weakness is a different matter. Straying in any direction causes crap.

 

[Vast LWC]

The jobs bill that he is proposing 100 billion for tax credits for small business's to hire has been tried before during the Jimmy Carter years. It did not work then it won't work now. Small business was firing people one day and hiring the same people back the next day to get the tax credit.

If people have no money to spend they don't spend Our economy is consumer driven, when people, rich, middle class and poor don't spend they create NO DEMAND, when there is NO DEMAND for products or services that Business produces business will not hire new employess, there is no need to.

Across the board tax cuts have always worked, they are proven, yet this President and his administration believe that it is government spending that works,. it never has and they will have to find out the hard way with no new job creation in the private sector and an electorate that is eager to vote them out of office and into an unemployment line in November 2010.

Actually, Jimmy Carter's tax credit was one of the few things that he did right. Believe me, I'm no Carter fan, but the tax credit for hiring people was actually responsible for 700,000 new jobs.

Of course, it's only a temporary fix, to kick-start hiring. In Carter's day the kick-start didn't work in the long run, because none of the other economic factors of a recovery were in place, unlike today, where all the factors are in place except unemployment.

As far as the "Across the board tax cut" statement goes:

If it works like it did for Reagan, we will have another year-and-a-half of rising unemployment, and growing deficits due to lower revenue, before we start getting a jobs recovery.

And that doesn't sound good to me at all.

 

[Intense]

The jobs bill that he is proposing 100 billion for tax credits for small business's to hire has been tried before during the Jimmy Carter years. It did not work then it won't work now. Small business was firing people one day and hiring the same people back the next day to get the tax credit.

If people have no money to spend they don't spend Our economy is consumer driven, when people, rich, middle class and poor don't spend they create NO DEMAND, when there is NO DEMAND for products or services that Business produces business will not hire new employess, there is no need to.

Across the board tax cuts have always worked, they are proven, yet this President and his administration believe that it is government spending that works,. it never has and they will have to find out the hard way with no new job creation in the private sector and an electorate that is eager to vote them out of office and into an unemployment line in November 2010.

Actually, Jimmy Carter's tax credit was one of the few things that he did right. Believe me, I'm no Carter fan, but the tax credit for hiring people was actually responsible for 700,000 new jobs.

Of course, it's only a temporary fix, to kick-start hiring. In Carter's day the kick-start didn't work in the long run, because none of the other economic factors of a recovery were in place, unlike today, where all the factors are in place except unemployment.

As far as the "Across the board tax cut" statement goes:

If it works like it did for Reagan, we will have another year-and-a-half of rising unemployment, and growing deficits due to lower revenue, before we start getting a jobs recovery.

And that doesn't sound good to me at all.

As long as Government Payroll and Benefit Packages rise, the private sector burden will rise, so will the deficit, and unemployment. Staying the course is unsustainable.

 

[Samson]

As long as Government Payroll and Benefit Packages rise, the private sector burden will rise, so will the deficit, and unemployment. Staying the course is unsustainable.

BULLSHIT!!!

You sir, are apparently ignorant of a LITTLE COUNTRY CALLED THE SOVIET UNION!!






***opps.***



nevermind

 

[Vast LWC]

The jobs bill that he is proposing 100 billion for tax credits for small business's to hire has been tried before during the Jimmy Carter years. It did not work then it won't work now. Small business was firing people one day and hiring the same people back the next day to get the tax credit.

If people have no money to spend they don't spend Our economy is consumer driven, when people, rich, middle class and poor don't spend they create NO DEMAND, when there is NO DEMAND for products or services that Business produces business will not hire new employess, there is no need to.

Across the board tax cuts have always worked, they are proven, yet this President and his administration believe that it is government spending that works,. it never has and they will have to find out the hard way with no new job creation in the private sector and an electorate that is eager to vote them out of office and into an unemployment line in November 2010.

Actually, Jimmy Carter's tax credit was one of the few things that he did right. Believe me, I'm no Carter fan, but the tax credit for hiring people was actually responsible for 700,000 new jobs.

Of course, it's only a temporary fix, to kick-start hiring. In Carter's day the kick-start didn't work in the long run, because none of the other economic factors of a recovery were in place, unlike today, where all the factors are in place except unemployment.

As far as the "Across the board tax cut" statement goes:

If it works like it did for Reagan, we will have another year-and-a-half of rising unemployment, and growing deficits due to lower revenue, before we start getting a jobs recovery.

And that doesn't sound good to me at all.

As long as Government Payroll and Benefit Packages rise, the private sector burden will rise, so will the deficit, and unemployment. Staying the course is unsustainable.

That is somewhat true, which is why encouraging private sector job growth is a good idea.

Across-the-board tax cuts is one way to go, but does not focus on the issue at hand, and thus may take longer.

But the other problem with across-the-board tax cuts is that, according to the Laffer Curve, lowering taxes any further will result in a dramatic decrease in revenue, causing a much larger deficit than we already have now.

This is because we passed the optimum level of raising the GDP to produce more revenue through tax cuts some time ago.

 

[Annie]

Response to OP:

They have been dwarfed and many WERE complaining THEN!

 

[Vast LWC]

Response to OP:

They have been dwarfed and many WERE complaining THEN!

You did catch the posts that pointed out that the "'09" Budget was the Budget made in 2008, right?

And of course the reason for that was that tax revenues decreased dramatically, as the economy collapsed from '07 to '08, raising the deficit dramatically.